First Home Buyers

Benefits of owning your own home

Buying property has long been recognised as one of the safest investment options, because depending on location and other factors, the value of your home will appreciate over time. Building up equity in a home by making regular mortgage payments is one of the best ways for many people to save a large amount of money over time.

 

Quick Tips

Tip 1

Get to know the location you are looking at buy in.

Tip 2

Make a list of your criteria/requirements.

Tip 3

Do your homework on recent sold prices and comparable sales.

Tip 4

Get your home loan pre-approved and ensure you supply the broker with all relevant information.

 

When you have found “the one”

Contracts
Contracts will detail the property address, selling price, deposit, terms and conditions, party names, special inclusions and date of settlement.

 
Exchanging contracts
Neither you, nor the vendor is legally bound to a purchase until the written and signed contracts have been exchanged. In Queensland this means both parties (or their solicitor) have been supplied a copy of the executed documents. You will also need to pay the agreed deposit at this time.

 
Legal representation
Legal representation is essential to ensure a smooth transaction when buying and selling property. While this contract is usually prepared by the seller’s agent, your legal representative should check the details and make sure zoning, heritage or title restrictions don’t clash with your intended use of the property. They should also help you arrange pre-settlement inspections on the property.

 
Between signing and settlement
This time period is usually four weeks, however this can be modified if both parties agree to extend or reduce the time frame. At the time of signing you should arrange insurance for the property, finalise the financed balance of the purchase price and sign the mortgage documents. Your lender will most likely arrange a valuation of the property. Settlement will then take place when the balance of the purchase price is paid and the keys and title deeds are handed over.